Showmax gets R2.7-billion injection

MultiChoice and NBCUniversal Media have provided $145 million (R2.7 billion) in funding to Showmax Africa Holdings since 27 September 2024.

This comes after MultiChoice entered into an agreement with Comcast subsidiary NBCUniversal and Sky in March 2023 to evolve Showmax into a leading streaming service on the continent.

In a recent statement MultiChoice explained that the funding from it and NBCUniversal was proportional to their respective shareholdings in Showmax Africa Holdings. MultiChoice owns 70% and NBCUniversal 30%.

Therefore, MultiChoice provided roughly $101.5 million (R1.9 billion) of the funding, while NBCUniversal provided $43.5 million (R808 million).

“Further, MultiChoice Group Holdings B.V (MGHBV) provided $800,000 (R14.9 million) as equity funding to cover MGHBV-specific shareholder costs,” said MultiChoice.

This brings the total injection in Showmax to roughly R6 billion since February 2024.

A MultiChoice announcement in early February last year revealed that it and NBCUniversal would inject a combined $177 (then R3.3 billion) into Showmax by 31 March 2024.

The funding came in three separate injections, with the first of $20 million (then R375 million) coming shortly before the announcement.

On 2 February 2024, the companies provided Showmax with a further $30 million (then R563 million) in equity funding.

Each company’s injection was proportional to its shareholding in Showmax.

“Additional equity funding to a maximum of $127 million (R2.4 billion), of which 70% or up to $88.9 million (R1.7 billion) will be carried by MultiChoice, is anticipated for the remainder of MultiChoice’s financial year ending 31 March 2024,” said MultiChoice.

MultiChoice announced in March 2023 that it was selling a 30% stake in Showmax to NBCUniversal. This involved the formation of a new Showmax Group.

The terms of the deal stipulated that Showmax would get access to the technology used to power NBCUniversal’s Peacock and some Comcast-owned content, including content from Sky, Universal Pictures, and NBC.

The amount that Comcast’s NBCUniversal paid for its 30% stake in Showmax was not.

Showmax 2.0 a winner

Through its partnership with NBCUniversal and Sky, MultiChoice relaunched Showmax on 12 February 2024. This included an upgrade to NBCUniversal’s Peacock streaming platform.

It also involved a rebranding and expansion of Showmax’s content offering. The content includes curated titles from studios like NBCUniversal, HBO, Universal Pictures, Warner Bros, Paramount, Sony, Illumination, and DreamWorks.

Showmax 2.0 had its first birthday in February 2025. MultiChoice said it has seen significant subscriber growth, with the number of paying customers increasing by 50% year-on-year in the six months ended 30 September 2024.

“It was a landmark year for Showmax, which grew its paying subscriber base, excluding discontinued services, by 50% year-on-year,” said MultiChoice.

In its results for the period, the broadcaster expects this growth to accelerate as its strategic initiatives begin bearing fruit.

“Showmax was named Best Television/Streaming Network at The National Film and TV Awards South Africa and Entertainment App of the Year at the Stuff App Awards,” it added.

Showmax content also topped JustWatch’s streaming charts for South Africa in 2024.

For reference, JustWatch is a crowd-sourced streaming guide platform that shows what is available to stream on most platforms in the country, based on feedback from viewers.

According to JustWatch’s data, the top movies on Showmax were Oppenheimer and Civil War, while the best series were The Rookie and Yellowstone.

MultiChoice said Showmax had more titles in the top ten charts than any other streaming platform.

“Entertainment is global in 2025, with customers wanting the very best from across the globe,” it said.

“By the end of March 2025, Showmax will be streaming half of last year’s 10 biggest blockbusters globally.”

However, it noted that local content and live sports will continue to be critical to its success. The company decided to double down on its production of local content, producing 97 Showmax originals.

“The investment paid off, with Showmax being home to the most winners at the National Film and TV Awards SA, The Behind the Scenes Awards, and the SAFTAs, as well as Koek, the most-awarded series at Silweskerm,” it said.

“Youngins had the most first-day views of any title since relaunch, with The Real Housewives Ultimate Girls Trip — South Africa and Adulting setting the seven- and 10-day records, respectively.”

MultiChoice noted that Showmax Premier League is one of the only streaming services that offers live sports broadcasts.